Waitrose  to spend £100 million to prevent consumer price increases.

The corporation has pledged £100 million to absorb price increases on 300 of its own-brand items, including sausages, carrots, peas, and Fairtrade tea.
Although quarter of the products will experience price reductions of at least 20%, the average price across the chosen products will drop by 14%.

According to a Waitrose representative, “This funding has been dedicated to allow us to cut costs throughout the year.”

“We can’t comment on business strategy, but we want to stay competitive, therefore these pricing investments will last the entire year,” the statement reads.

In the meanwhile, some businesses have announced price increases in response to rising input costs.

The Waitrose own-brand ham will have the largest price drop, dropping from £1.50 to £1 by 33%. Then, tuna (8%), sausages (24%), cabbage (22%), peas (17%), carrots (17%), teabags (9%), butter (9%), and cheddar (dropping by 28%) are all in order of decreasing value.

“We recognize that delivering value for money has never been more vital for everyone,” Waitrose executive director James Bailey said. As a result, we’re slashing the costs of hundreds of staples like carrots, butter, tea, and coffee, many by 20% or more. This translates into better value for our consumers in every store, and by cutting the cost of our Essential range, we’re able to keep our lowest pricing even lower.

Source: cips.org

More like this

Zoom cuts off 1,300 Employees

ISN Magazine

Zero-deforestation soy initiative underway with major UK supermarket backing

riad beladi

Zero Hunger | Zero Waste

riad beladi

Your Co-op boosts its sustainability efforts, implementing an AI-powered Prompted Markdown feature from Retail Insight

ISN Magazine

Younger men urged to get to grips with type 2 diabetes risk

ISN Magazine

Ynsect announces the construction of two production sites in the United States and Mexico

ISN Magazine

yamo, the European Leader in Fresh Organic Food for Young Children Announces €10.1M for Expansion

ISN Magazine

XYZ Tech’s New Barcode Reader Receives High Demand, Reveals Marketing Manager

ISN Magazine

X5 to expand footprint in Urals and Southern Russia

riad beladi

X5 Retail Group, Russia’s largest food retailer, has partnered with Sber and Visa to launch an innovative

ISN Magazine

X5 Group Q2 2021 Net Sales Increase 10.6%

riad beladi

Would Labour Renegotiate the UK-EU Trade Deal? An Analysis of Potential Changes

ISN Magazine